Reliance Industries Limited (RIL) share price may remain bullish till Rs 2984, down level is Rs 2837
Reliance Industries Limited (RIL) is experiencing a challenging trading session. The stock price has shown a downward trend, reflecting broader market sentiments and specific company-related factors.
Main Points
Reliance Industries shares are currently trading at approximately ₹3,019.25, down from the previous close of ₹3,041.85, indicating a decline of about 0.75% in today’s trading session. Analysts have noted that the stock has broken below a critical support level of ₹3,000, which may lead to further declines unless it recovers above this threshold.
Price Predictions and Market Sentiment
Market predictions for Reliance Industries suggest a bearish outlook in the short term. The stock is expected to test various targets, with downside targets around ₹2,891 and upside targets reaching up to ₹3,061.83. The overall sentiment remains cautious as investors await upcoming quarterly results, which are anticipated to reflect modest growth but may also show declines in key performance metrics like EBITDA.
Latest News Affecting Reliance Industries
1. Quarterly Results Anticipation
Analysts are closely watching RIL’s upcoming quarterly results, expected to be released soon. Predictions indicate a modest year-on-year growth in revenue, with estimates around ₹2.3 trillion, reflecting an 11.8% increase from the previous quarter. However, a sequential decline in EBITDA is expected due to pressures in the oil-to-chemicals segment.
2. Market Volatility and Refining Margins
The stock has faced volatility, particularly in refining margins, which have been affected by global fuel demand fluctuations. Analysts from Morgan Stanley have noted that despite recent declines, RIL is well-positioned for future monetization opportunities, especially in its refining and retail sectors.
3. Technical Analysis Insights
From a technical standpoint, the stock has recently broken through its resistance levels but is currently experiencing a pullback. Analysts suggest that if the stock can stabilize around the ₹3,130 to ₹3,150 range, it may present a buying opportunity with potential upside targets of ₹3,250 to ₹3,300.
4. Investor Sentiment and Recommendations
Investor sentiment appears mixed, with a majority of analysts maintaining a “buy” rating on RIL shares for long-term investors. The company’s diverse business portfolio is seen as a stabilizing factor amidst market fluctuations.
5. Corporate Developments
Recent corporate developments, including plans for a bonus issue and strategic expansions in new energy sectors, have also drawn investor attention. These initiatives are expected to enhance shareholder value and support long-term growth prospects.
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
